By Ed Attwood
How Feroz Allana came to top this year's rankings
This year, the combined wealth of the Gulf’s 50 richest Indians is valued at just under $40bn. It’s a sum that is roughly four times the size of Mongolia’s gross domestic product (GDP), the same size as Ghana’s economy, or one tenth the size of the UAE’s. Given that nearly all of the names on our list are self-made men or women, the figures show not only the strength of the Indian community’s entrepreneurial spirit, but also the opportunities afforded them by the region they have chosen to call home.
At their personal request, we have not included Micky Jagtiani (last year’s top entry) or Sunny Varkey (seventh place) on this year’s list. Instead, taking the top spot for the first time is Feroz Allana, one of the mainstays of the Allana Group, who saw his fortune increase by $100m last year. Other strong performers include Yussufali MA, whose EMKE Group continues to go from strength to strength, and Ravi Pillai, the Bahrain-based industry magnate who is making waves throughout the Gulf and back home in India. Altogether, there are nine billionaires this year, with Dr Azad Moopen joining the club after providing us with an extensive valuation of his holdings.
The barrier to entry to the 2014 list is $210m, a little higher than last year’s $195m. So if you haven’t made this year’s list, at least you’ll know what to aim for by the time we publish our rankings again in 2015.
How we did it…
This list has been put together over the course of the last year by a dedicated team of researchers.
Our team looked across the Gulf at businesses run by Indians, and a significant number of the names on the list have assisted us with assessing their wealth.
As most are private companies, we have estimated the value of their assets, taken their shareholdings into account and projected a company value where it ever to be floated on the stock market.
But, as always, we should stress that this is purely our estimate of the Gulf’s richest Indians. It has been published to celebrate the success of the local Indian community. As a result, we apologise in advance to those individuals whose wealth we may have underestimated, overestimated, or overlooked entirely.
Rich List researchers: Anil Bhoyrul, Ed Attwood, Shane McGinley, Daniel Shane, Courtney Trenwith, Beatrice Thomas, Edward Liamzon, Anees Dayoub, Samer Batter, Fawzia Yasmineh.
It is good to see the details of methodology on how the list is computed.
As a professional auditor, I just have one suggestion. Since most of them are private companies, just looking at their profitability and using stock market multiplier might not be a good strategy.
It is important to look at the background of the auditor who has signed off their books too. If the auditor is not a reputed ones or is not approved by major banks, then it will be worthwhile to do a sanity check on the numbers verified by them. This can be easily done by any other auditor.
This will ensure that all numbers that are used by Arabian business are correct and the ranking is fair.
Keep up the good work !